You have just sold a house at Surfside Beach that you have had listed for sale for $500,000. You sold it for the following: Cash 5150,000 . Buyer assumed your debt on the house of $100,000 will Buyer also deeded you 10 sores and a cabin outside Asheville North Carolina that is valued at $300,000 ..... and, you agreed to assume the debt on the cabin and land in the amount of $75.000. The selling expenses on the sale are $40,000. You purchased the Surfside Beach House in 1989 for $75,000; and, you have made $50,000 in capital improvements on the property. You have never sustained a casualty loss - nor did you ever rent the beach house out to claim any depreciation. Please show you work in determining the following: SHOW YOUR WORK !WILL Amount Realized: Adjusted Basis: Gain / Loss Realized: Gain / Loss Recognized